AUD/USD bounced back following recent decline at 0.7771, currently trading at the 0.7795 range and expected to decline further along 0.7770. Hourly support and resistance are given at 0.7704 (24/12/2017 low) and 0.7979 (15/01/2018 high). Further support and resistance are given at 0.7638 (15/12/2017 low) and 0.8134 (26/01/2018 high). The technical structure suggests short-term downward moves.
In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.
